Home sales soar 7.2 percent in July

Source: MSNBC

WASHINGTON - Home resales posted the largest monthly increase in at least 10 years last month as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The National Association of Realtors says home sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million last month, from a pace of 4.89 million in June.

It was the fourth-straight monthly increase and the highest level of sales since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.

The median sales price was $178,400, down 15 percent from $210,100 in the same month last year.

Read more: http://www.msnbc.msn.com/id/32505389/ns/business-stocks_and_economy/

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Yet another 'juiced' number.

What happens when the tax credit ends? Think home resales will still be soaring?

And ... home values down fifteen percent? What's the pollyanna spin on that number?

Finally, are we really looking for a re-inflation of the housing bubble to bring about a recovery?

We're not going to get out of this crisis by wearing rose-colored glasses -- we need to be practical and honest with ourselves -- a consumer society at the 1990s level is simply unsustainable.

We need structural, system change ... and so far all we are getting is more debt.

if good numbers are showing up it means that socialism is working, the government is subsidizing the economy. The buttom line is that the free market system has proof to be defective.

I guess the Pep Squad won't like that piece of info, but there you have it.

The bothersome thing is that now that cash for clunkers is ending, I suspect car sales will plummet.
The same thing may happen with home sales once all first time buyers have stepped up and the tax incentive
is removed. But at least it shows that the gubmint is spending money to spur sales--better than building
bombs to kill people IMO.

Trade in your old house for a fuel-efficient one?

Maybe that's the reason for the increase in home sales...

"The median sales price was $178,400, down 15 percent from $210,100 in the same month last year."

I'll take what I gained and go buy some STOCKS! :bounce:

... no surprise ...

according to the article. What's surprising is that the article also says that overall percentage is down from earlier in the year.

Okay, this is good news.

Are we allowed to do that?

Source: Lucia Mutikani - Reuters

Pace of U.S. existing home sales fastest in 2 years

WASHINGTON (Reuters) - Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest sales pace in nearly two years, an industry survey showed on Friday, in a strong sign that housing is pulling out of a three-year slump.

Sales in July rose for the fourth straight month to hit an annual rate of 5.24 million units, the highest rate since August 2007, the National Association of Realtors said, beating market expectations for a 5 million unit pace. Sales in June had been at a 4.89 million pace.

July's increase was the largest monthly gain since the series started in 1999. The last time sales rose for four consecutive months was in June 2004, the NAR said.

The Realtors group heralded the July sales as a turning point, while some observers offered a more cautious view.



Read more: http://finance.yahoo.com/news/US-July-existing-home-sale-rb-1135231752.html?x=0&sec=topStories&pos=2&asset=&ccode=

Prices in my area have, and continue, to spiral downward. Some homes have lost over 50% of their market value. Realtors need the extra sales to make up for the loss in commission.

You really have to look at these things from various perspectives.

are snatching up all those juicy foreclosure deals.

time to buy because that's what they do, sell homes.